The CEOs of the DAX companies BMW and Deutsche Bank, Oliver Zipse and Christian Sewing, are calling for more economically-oriented decisions in Berlin and Brussels.
“EU Commission President Ursula von der Leyen has clearly spoken out in favor of reforms and in Germany, a window of opportunity for change has opened up after the federal election in late February” said Sewing to the “World on Sunday”. Zipse added, “No one should seriously wish for the end of the EU. It must, however, show opportunities and not just restrictions. This has unfortunately happened too often in recent years, for example with the supply chain law, the battery law and many other administrative directives. This can lead to resentments.”
For Germany, Zipse is calling for a “substantial infrastructure and growth fund”. It should finance large projects proposed by the industry or directly emerging from research, said the BMW CEO. “In Asia and the USA, state support for the industry is a matter of course. If Germany is to continue playing a leading role, significant investment must also be made here.” Deutsche Bank CEO Sewing warned against relaxing the debt brake. “The state must not only review its income, but also its expenses. A more attractive capital market can achieve more than new government debt” he said.
In their dealings with US President Donald Trump, both managers emphasized the need for more European self-awareness. “Good economic relationships with Europe are also in the interest of the USA” said Sewing. The announcements by Trump could be an opportunity to negotiate. “Therefore, we must not only discuss structural reforms, but also a stronger Europe. If we, as a genuine internal market with 450 million consumers, present ourselves, the American president will perceive us differently too.”
In foreign policy, “just waving a finger of criticism is not enough” said Zipse. “We must also more strongly represent our economic interests.” A balance must be struck between values and the interests of an export nation.